Tesla Makes the Most of Irrational Exuberance

Tesla is proving nearly as adept in financial engineering as it is producing brilliant electric-powered cars.

After its shares closed at another record Wednesday, Tesla Motors (ticker: TSLA) announced plans to issue $1.6 billion of new convertible senior notes, which will go toward financing its proposed "gigafactory," a $5 billion facility to build lithium-ion batteries for its next generation of electric autos.